Insurer's Risk Weighed

News to Note - Elsewhere

February 9, 2002

TALLAHASSEE -- The most-expensive homes and vacation homes in hurricane zones no longer would be eligible for coverage by the Florida Windstorm Underwriting Association under a bill proposed by the House Council for Competitive Commerce. The windstorm pool was created for homeowners unable to get private insurance. Under the bill, owners of expensive homes in the highest-risk areas either would be shifted to the state-created Joint Underwriting Association, which charges the highest private rate available, or be picked up by private insurers. The goal is to reduce the wind pool's risk if a major hurricane hit Florida.